On Wednesday, the European Investment Fund (EIF)
announced the launch of its blockchain and AI program to increase tech funding in Europe. The investment scheme is also supported by the
European Commission (EC) and will make €100 million available to venture capitals supporting the emerging technologies.
The EIF’s release notes that while western Europe spent $674 million on blockchain this year, only second to the US, little of it supports live, large scale projects. It’s a small fraction of the $34 billion region total, according to Atomico’s recent
report.
Plus, the vast majority of venture capital funds supporting blockchain are based elsewhere. Funds used to invest much more locally then they do today; with ICOs and more global innovation, investors in blockchain now tend to go wherever the opportunity lies. This eventually leads to European tech firms finding more success in US financing.
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